YouTube video by Universell SPS

YouTube video by Jack Cocchiarella

YouTube video by Universell SPS

ALT: a cartoon monkey holds up a credit card in his hand

YouTube video by Universell SPS

YouTube video by Universell SPS

(Reuters) -A federal judge on Tuesday threw out a U.S. Consumer Financial Protection Bureau rule capping credit card late fees at $8, after the agency agreed with opponents that the rule adopted during President Joe Biden’s administration was illegal. U.S. District Judge Mark Pittman in Fort Worth, Texas granted a joint request by the CFPB and a coalition of six business and banking groups including the U.S. Chamber of Commerce and American Bankers Association to scrap the rule. Pittman, an appointee of President Donald Trump, agreed with both sides that the rule violated the Credit Card Accountability and Disclosure Act of 2009 because it prohibited card issuers from charging fees "reasonable and proportional to violations." The rule capped late fees for issuers with more than 1 million open accounts unless they could prove higher fees were necessary to cover their costs. It had been part of Biden’s crackdown on "junk fees," and was intended to reduce the typical late fee from about $32. The Trump administration is reversing many Biden-era rules and policies that it considers unfriendly to business. In a March 2024 lawsuit against the rule, the business and banking groups accused the CFPB of overstepping its authority and ignoring Congress’ intent that fees be high enough to deter late payments and compensate card issuers for their costs. They also said the rule was unfair to many consumers, because it would force issuers to pass costs to cardholders who pay their bills on time. In a joint statement on Tuesday, the groups called Pittman’s order "a win for consumers and common sense." The Trump administration has also sought to dismantle the CFPB. On April 11, a federal appeals court in Washington, D.C. said the administration can shrink the CFPB, but not so much that it cannot carry out its statutory duties. Which stock should you buy in your very next trade? With valuations skyrocketing in 2024, many investors are uneasy putting more money into stocks. Unsure where to invest next? Get access to our proven portfolios and discover high-potential opportunities. In 2024 alone, ProPicks AI identified 2 stocks that surged over 150%, 4 additional stocks that leaped over 30%, and 3 more that climbed over 25%. That's an impressive track record. With portfolios tailored for Dow stocks, S&P stocks, Tech stocks, and Mid Cap stocks, you can explore various wealth-building strategies.

The Michigan City Port Authority approved routine bills totaling $121,060.25 and a 6% increase to slip rental rates for next year, and discussed options for recouping roughly $70,000–$80,000 in annual credit-card fees including a possible 3–3.5% surcharge on card purchases.

Note: The information provided here or in any related communications is for informational purposes only and should not be considered as financial advice. The post The “Hidden Fee” Your Credit Card Company Hopes You Never Notice appeared first on The Gateway Pundit.